[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","e7y6uwvo5em61tci0d7jfdi1z","revision",2,"title","Richardson Electronics 2026年Q3财报：营收增长18.9%","originalTitle","10-Q - RICHARDSON ELECTRONICS, LTD. (0000355948) (Filer)","summary","Richardson Electronics 2026年Q3财报显示，截至2026年8月29日，公司营收为6490万美元，同比增长18.9%。净收入为405.9万美元，同比增长118.9%。公司同时披露了经济压力、通胀、地缘政治冲突、供应链中断等风险。","reason","公司财报显示营收和利润增长，同时披露了多项宏观经济和经营风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-08T15:44:19.000Z","discoveredAt","2026-10-08T15:46:04.930Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",72,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fVU4CgWNtO1A",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","668aef68-8cf8-4827-80ed-5703752cafd7","Richardson Electronics 2026年Q3财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)

☒\t根据《1934年证券交易法》第13或15(d)条的季度报告

截至 2026年8月29日的季度

或

☐\t根据《1934年证券交易法》第13或15(d)条的过渡报告

从至

委员会文件编号: 0-12906

$\"img114829406_0.jpg\"$

理查森电子有限公司

(注册人章程中指定的全名)

\n \n \n \n \n \n \n \n \n \n \n

特拉华州

36-2096643

(州或其他司法管辖区)

的成立或组织)

(美国国税局雇主

识别号)

40W267 Keslinger Road, P.O. Box 393

LaFox, 伊利诺伊州 60147-0393

(主要执行办公室地址)

注册人的电话号码，包括区号: (630) 208-2200

根据《法案》第12(b)条注册的证券:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
每类证券的名称		交易符号		每种证券注册的交易所名称
面值0.05美元的普通股		RELL		纳斯达克全球精选市场

根据《法案》第12(g)条注册的证券：无

通过勾选方框表明注册人(1)是否已提交了根据《1934年证券交易法》第13或15(d)条在前12个月内(或注册人需要提交此类报告的较短期间)要求提交的所有报告，以及(2)是否在过去90天内受到这些提交要求的约束。 ☒ 是 ☐ 否

通过勾选方框表明注册人是否在前12个月内(或注册人需要提交此类文件的较短期间)根据S-T条例第405条(本章第232.405条)提交了所有要求提交的交互式数据文件。 ☒ 是 ☐ 否

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小的报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小的报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速提交者	☐		加速提交者	☒
非加速提交者	☐		较小的报告公司	☒
新兴成长公司	☐

如果为新兴成长公司，请通过复选框表明注册人是否选择不使用《交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过复选框表明注册人是否为壳公司（根据《交易法》第12b-2条定义）。 ☐ 是 ☒ 否

截至2026年10月5日，普通股流通股为 12,841,072股，面值0.05美元，以及 2,035,671股B类普通股，面值0.05美元，可按一股换一股的比例转换为注册人的普通股。

\n	\n	\n	\n
			页码

第一部分。	财务信息

项目1。	财务报表		2
	合并资产负债表		2
	未审合并综合收益表		3
	未审合并现金流量表		4
	未审合并股东权益表		5
	未审合并财务报表附注		6
项目2。	管理层讨论与分析		15
项目3。	关于市场风险的定量和定性披露		21
项目4。	控制与程序		21

第二部分。	其他信息

项目1。	法律诉讼		22
项目1A。	风险因素		22
项目2。	未注册的股权证券销售及资金用途		22
项目3。	高级证券违约		22
项目4。	矿山安全披露		22
项目5。	其他信息		22
项目6。	附录		24
附录索引		24
签名		25

第一部分。财务信息

项目1。财务报表

理查森电子有限公司

合并资产负债表

（单位：千美元，每股金额除外）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		未审			已审
		2026年8月29日			2026年5月30日
资产
流动资产：
现金及现金等价物		$	36,915			$	31,779
应收账款，减去信用损失准备金274美元和350美元			34,939				33,162
存货，净额			103,280				103,020
预付费用和其他资产			4,441				4,770
流动资产合计			179,575				172,731
非流动资产：
固定资产、厂房和设备，净额			19,806				19,003
无形资产，净额			270				285
使用权租赁资产，净额			3,520				1,389
递延所得税资产，净额			8,300				8,346
其他非流动资产			223				263
非流动资产合计			32,119				29,286
总资产		$	211,694			$	202,017
负债和股东权益
流动负债：
应付账款		$	22,648			$	19,593
应计负债			14,938				15,989
流动租赁负债			1,049				787
流动负债总额			38,635				36,369
非流动负债：
递延所得税负债			176				177
非流动租赁负债			2,471				602
其他非流动负债			1,187				1,168
非流动负债总额			3,834				1,947
总负债			42,469				38,316
承诺和或有事项（注释3）
股东权益
普通股，$0.05 面值；12,841 和 12,588 股于2026年8月29日和2026年5月30日已发行和流通			642				629
B类普通股，可转换，$0.05 面值；2,036 和 2,036 股于2026年8月29日和2026年5月30日已发行和流通			102				102
额外 paid-in-capital			79,555				76,950
留存收益			85,463				82,284
其他综合收益累计额			3,463				3,736
股东权益总额			169,225				163,701
总负债和股东权益		$	211,694			$	202,017

参见附带的未经审计的合并财务报表附注。

Richardson Electronics, Ltd.

未经审计的合并损益表s of Comprehensive Income

（以千为单位，每股金额除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		三个月 ended
		2026年8月29日			2025年8月30日
净销售额		$	64,923			$	54,607
销售成本			42,431				37,678
毛利			22,492				16,929
销售、一般及行政费用			17,377				15,961
运营收入			5,115				968
其他（费用）收入：
利息收入			121				169
外汇（损失）收益			(188	)			289
其他，净额			(1	)			904
其他（费用）收入总额			(68	)			1,362
税前收入			5,047				2,330
所得税费用			988				421
净利润			4,059				1,909
外币折算（损失）收益，税后			(273	)			1,054
综合收益		$	3,786			$	2,963

每股净利润：
普通股 - 基本		$	0.28			$	0.13
B类普通股 - 基本			0.25				0.12
普通股 - 稀释			0.27				0.13
B类普通股 - 稀释			0.25				0.12

加权平均股数：
普通股 – 基本			12,666				12,393
B类普通股 – 基本			2,036				2,049
普通股 – 稀释			13,024				12,544
B类普通股 – 稀释			2,036				2,049

参见附带的未经审计的合并财务报表附注。

Richardson Electronics, Ltd.

未经审计的合并 Statements of Cash Flows

（以千为单位）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		三个月 ended
		2026年8月29日			2025年8月30日
经营活动：
净利润		$	4,059			$	1,909
调整项目以将净利润调节为经营活动中提供的现金：
未实现的外币收益			(88	)			(511	)
折旧和摊销			907				971
存货拨备			94				102
基于股票的薪酬费用			695				641
递延所得税			46				49
资产和负债的变化：
应收账款			(1,744	)			(2,654	)
存货			(647	)			(578	)
预付费用和其他资产			373				60
应付账款			3,062				1,626
应计负债			(1,039	)			(150	)
其他			155				(98	)
经营活动产生的净现金			5,873				1,367
投资活动：
资本支出			(1,697	)			(1,025	)
投资活动使用的净现金			(1,697	)			(1,025	)
筹资活动：
发行普通股所得款项			2,115				61
支付普通股和B类普通股股息			(880	)			(857	)
其他			(192	)			(99	)
筹资活动产生的净现金（使用现金）			1,043				(895	)
汇率变动对现金及现金等价物的影响			(83	)			306
现金及现金等价物的增加（减少）			5,136				(247	)
期初现金及现金等价物			31,779				35,901
期末现金及现金等价物		$	36,915			$	35,654

现金流量信息的补充披露：
非现金活动：
以租赁负债交换的使用权资产		$	2,466			$	22

参见附带的未经审计的合并财务报表附注。

Richardson Electronics, Ltd.

未经审计的合并股东权益报表

（千美元，除非每股金额另有说明）

以下是截至2026年8月29日三个月的股东权益摘要：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股票面价值			B类普通股			面值			额外实收资本			留存收益			其他综合收益累计			总计
2026年5月30日余额			12,588				2,036			$	731			$	76,950			$	82,284			$	3,736			$	163,701
综合收益：
净利润			—				—				—				—				4,059				—				4,059
外币折算，税后			—				—				—				—				—				(273	)			(273	)
股权激励：
限制性股票			—				—				—				410				—				—				410
股票期权			—				—				—				285				—				—				285
普通股：
行权的期权			195				—				10				2,105				—				—				2,115
限制性股票发行			58				—				3				(195	)			—				—				(192	)
支付给：
普通股（$0.060 每股）			—				—				—				—				(770	)			—				(770	)
B类普通股（$0.054 每股）			—				—				—				—				(110	)			—				(110	)
2026年8月29日余额			12,841				2,036			$	744			$	79,555			$	85,463			$	3,463			$	169,225

参见附带的未经审计的合并财务报表附注。

截至2025年8月30日三个月的股东权益摘要如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股票面价值			B类普通股			面值			额外实收资本			留存收益			其他综合收益累计损益			总计
2025年5月31日余额			12,362				2,049			$	720			$	74,445			$	79,340			$	2,154			$	156,659
综合收益：
净利润			—				—				—				—				1,909				—				1,909
外币折算，税后			—				—				—				—				—				1,054				1,054
股权激励：
限制性股票			—				—				—				416				—				—				416
股票期权			—				—				—				225				—				—				225
普通股：
行权的期权			11				—				1				60				—				—				61
限制性股票发行			71				—				3				(102	)			—				—				(99	)
支付给：
普通股（$0.060 每股）			—				—				—				—				(746	)			—				(746	)
B类普通股（$0.054 每股）			—				—				—				—				(111	)			—				(111	)
2025年8月30日余额			12,444				2,049			$	724			$	75,044			$	80,392			$	3,208			$	159,368

参见附带的未经审计的合并财务报表附注。

RICHARDSON ELECTRONICS, LTD.

未经审计的合并财务报表的附注

1. 公司简介

Richardson Electronics, Ltd.（“公司”、“我们”、“我们的”）是一家全球工程解决方案、绿色能源产品、电力电网和微波管及相关消耗品的制造商；电力转换和射频及微波组件，包括绿色能源解决方案；用于诊断成像设备的管件；以及定制显示解决方案。我们在伊利诺伊州LaFox、马萨诸塞州Marlborough和德国Donaueschingen的设施内进行制造。

我们为可再生能源、医疗、航空、广播、通信、工业、海洋、医疗、军事、科学和半导体市场客户提供服务。公司的战略是基于我们的核心工程和制造能力，提供专业技术和“工程解决方案”。公司的产品和服务包括设计支持、系统集成、原型设计和制造、测试、物流以及售后技术支持和维修。我们的产品包括电子管和相关组件、微波发生器、用于半导体制造和视觉技术解决方案的子系统。这些产品用于控制、切换或放大电信号，或作为显示设备用于各种工业、商业、医疗和通信应用。

我们目前在以下主要地理区域运营：北美、亚太、欧洲和拉丁美洲。

2. 报告基础

随附的未经审计的合并财务报表是根据美国通用会计准则（“GAAP”）为中期财务信息以及10-Q表格和S-X条例第10条的说明编制的。因此，它们不包含GAAP要求的完整财务报表所需的所有信息和注释。

我们的财季结束于季度结束月份最近的星期六。2027财年和2026财年的第一季度均包含13周。在管理层看来，为公允列报中期期间的结果，已作出所有必要且正常的调整。所有公司间交易和余额均已抵消。此处提供的未经审计的合并财务报表包括我们全资子公司帐户。根据适用的规则和法规，某些通常包含在按照GAAP编制的财务报表中的信息和注释披露已被压缩或省略。截至2026年8月29日的三个月内的运营结果不一定反映截至2027年5月29日的财年可能获得的结果。

本报告中包含的财务信息应与我们于2026财年结束于2026年5月30日的年度报告10-K表格一起阅读，该报告于2026年8月3日提交给SEC。

3. 会计政策摘要

净存货：我们合并的存货按成本与可变现净值较低者计量，采用加权平均成本法。我们的净存货包括截至85.9百万美元的产成品、12.3百万美元的原材料和5.1百万美元的在制品，与截至2026年8月29日相比，约为86.5百万美元的产成品、11.8百万美元的原材料和4.7百万美元的在制品。

我们根据库存周转权限、过时情况、某些市场的退出以及对未来需求和市场状况的假设，定期分析库存过时或滞销情况并计提准备金。如果行业或市场状况未来发生变化，与管理层的估计不同，可能需要额外计提准备金。截至2026年8月29日的存货准备金为6.4百万美元，截至2026年5月30日为6.3百万美元。

无形资产：我们的无形资产代表与以前收购相关的客户关系和技术的公允价值。可摊销的无形资产如下 (以千为单位):

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年8月29日			2026年5月30日
账面金额：
客户关系		$	912			$	911
技术			150				150
总账面金额		$	1,062			$	1,061

累计摊销：
客户关系		$	701			$	691
技术			91				85
累计摊销总额		$	792			$	776

无形资产，净额		$	270			$	285

与可摊销无形资产相关的摊销费用在未来五年内的情况如下表所示 (以千为单位):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
财年		摊销费用
剩余2027年		$	45
2028			59
2029			60
2030			37
2031			37
之后			32
总摊销费用		$	270

应计负债：应计负债包括以下内容 (以千为单位):

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年8月29日			2026年5月30日
薪酬和工资税		$	4,817			$	5,952
应计解雇补偿			730				876
专业费用			771				736
合同负债			5,055				4,882
其他应计费用			3,565				3,543
应计负债		$	14,938			$	15,989

保修：我们为特定产品提供保证型保修。我们估计履行保修义务的成本，并在相关产品销售时确认该估计成本。我们将在合并综合收益表中将与保修义务相关的费用作为销售成本进行记录。每个季度，我们都会根据产品逐项评估实际发生的保修成本，并将保修成本与我们的估计保修义务进行比较。对于新产品，估计通常基于对产品的了解和保修经验。

保修准备金是为在产品销售和交付后预计会发生的相关成本而设立的。保修准备金包含在我们的合并资产负债表的应计负债中。保修准备金是根据已知的产品故障、历史经验和其他可用证据确定的。保修准备金在0.6百万美元左右，截至2026年8月29日，以及0.7百万美元，截至2026年5月30日。

普通股和B类普通股：我们已授权 22,000,000股普通股和 3,000,000股B类普通股。B类普通股每股票有 10票投票权，并且具有可转让性限制；但是，B类普通股可以在任何时候按一股换一股的方式转换为普通股。关于股息和分配，普通股和B类普通股的排名相同，享有相同的权利，但B类普通股的现金股息不得超过A类普通股现金股息金额的 90%。

收入确认：我们向多元化行业的客户销售产品，并对客户的财务状况进行定期信用评估。条款通常是账期付款，北美地区为净30天付款，而在

亚洲/太平洋、欧洲和拉丁美洲则有所不同。根据对未结账款的月度审查，在财务报表中记录了信用损失的估计。

我们的客户通常不是经销商，而是将我们的产品纳入其流程中以产生经济利益的企业。这些货物也是独立的，因为售予客户的每件商品在采购订单和产生的发票上都有明确标识。我们销售的每件产品都独立地为客户带来利益，与其他产品无关。客户订单上的每件商品都可以由客户独立使用，而无需考虑我们提供的其他产品。我们大部分收入来自产品的销售。通常，合同下的履约义务在产品控制权转移给客户时得到履行，这主要是在发货时，或在某些情况下，在产品交付至指定客户地点时。

我们还通过维修、安装或培训活动获得收入。我们提供的服务持续时间相对较短，通常在一到两周内完成。因此，在每个报告日，未计费工作的金额可以忽略不计。服务收入一直占公司总收入的不到 5%，预计将继续保持在这一水平。

我们根据历史经验记录已发生的折扣。公司允许在事先书面授权的情况下退货。我们根据历史经验估计退货。该政策因业务部门而异。公司根据历史趋势为退货计提准备金，以覆盖所有合同和收入来源使用预期价值法，因为我们有大量具有相似特征的合同，这被视为可变对价。退货准备金在我们的资产负债表上产生退款负债，作为抵减应收账款的负债，以及库存中的资产。由于客户通常需要支付运费，且我们通常不承担诸如重新贴标签或重新包装等活动的成本，因此我们按成本对库存进行估值。在每个资产负债表日，该准备金被认为是不重要的。有缺陷产品的退货通常由供应商的保修覆盖，因此有缺陷产品的退货未计入我们的准备金。

对于由供应商提供的产品和由公司制造的产品，考虑了主要方与代理方的指导原则。公司在满足履约义务方面负责，因此被视为主要方。我们对履行合同负有主要责任，在交付给客户之前承担库存风险，我们制定价格，我们的对价不是佣金形式，我们承担信用风险。公司按考虑的总额确认收入。

与客户的合同：一旦收到、审查并接受客户的采购订单，就会存在收入合同。每个已接受的采购订单都会识别出一项单独的商品或服务作为履约义务。商品包括从供应商处购买并放在我们货架上的标准产品、从供应商处购买的定制产品、在发货前在公司内部进行定制或增加价值的产品以及制造产品。在接受客户采购订单之前，我们会审查客户的信用状况。一旦客户的信用获得批准，采购订单就被认为符合可收回性标准。公司在确认收入之前会从客户处收到预付款或定金，从而产生合同负债。合同负债包含在合并资产负债表的应计负债中。

偶尔，公司会进行账单和保管安排。每个账单和保管安排都会被审查，只有在控制权转移给客户且满足某些条件时才会确认收入：(i) 账单和保管安排的原因是实质性的；(ii) 产品与公司其他待售库存分开；(iii) 产品已准备好发运给客户；以及(iv) 公司无法使用该产品或将其转给其他客户。没有在截至2026年8月29日的三个月内确认来自账单和保管安排的收入，而截至2025年8月30日的三个月内确认了1.1万美元来自账单和保管安排的收入。

合同余额：合同余额如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

2026年8月29日

2026年5月30日

2025年5月31日

应收账款

34,939

33,162

24,117

合同负债

5,055

4,882

4,545

在截至2026年8月29日的三个月内，公司确认了$1.2百万的收入，该收入是基于与截至2026年5月30日的合同负债余额相关的履约义务的履行。在截至2025年8月30日的三个月内，公司确认了$1.6百万的收入，该收入是基于与截至2025年5月31日的合同负债余额相关的履约义务的履行。

损失准备金：当我们认为很可能已发生负债且金额可以合理估计时，我们会确认损失准备金。当只能确定可能损失的范围时，我们会确认该范围中最可能的金额。如果该范围内的任何金额都不比其他金额更优，则确认该范围内的最低金额

。如果我们确定很可能已发生损失，我们将包括描述该或有事项的披露。

新会计准则 - 尚未采用：2024年11月，财务会计准则委员会（\"FASB\"）发布了会计准则更新（\"ASU\"）2024-03，利润表（主题220）：报告综合收益 - 费用分解披露，该准则要求实体在年度和中期期间披露特定利润表费用类别的分解信息。该指导应前瞻性应用，也可选择追溯应用。该ASU适用于自2026年12月15日之后开始的年度报告期间和自2027年12月15日之后开始的中期报告期间，允许提前采用。公司正在评估采用该新指导对合并财务报表和披露的潜在影响。

2025年12月，FASB发布了ASU 2025-11，中期报告（\"ASU 2025-11\"），旨在改进会计准则汇编（\"ASC\"）270，中期报告中的指导的可导航性，并明确其适用时间。根据修订，如果实体根据GAAP提供中期财务报表和附注，则适用ASC 270。ASU 2025-11还涉及此类财务报表的形式和内容、中期披露要求，并建立一个原则，即实体必须披露自上一个年度报告期结束以来对实体有重大影响的事件。ASU 2025-11适用于自2027年12月15日之后开始的年度报告期间内的中期报告期间，允许提前采用。公司正在评估采用ASU 2025-11可能对公司合并财务报表和披露产生的影响。

4. 循环信用额度

2025年10月7日，公司通过《信贷协议第二修正案》将PNC信贷协议延长了三年，最高借款额度为20百万美元。循环信贷额度由公司的国内子公司提供担保。循环信贷额度将于2028年10月7日到期。新协议的条款与之前的信贷协议类似。借款所得可用于营运资金和一般企业用途。在2027财年第一季度，循环信贷额度下没有提款或还款。截至2026年8月29日，循环信贷额度下没有未偿还金额。

信贷协议规定，公司必须遵守最大合并杠杆比率和最低合并固定费用覆盖率比率的约定，每个比率均按照信贷协议的规定确定。信贷协议还包含此类融资中常见的积极、消极和财务约定，包括但不限于对某些其他债务、贷款和投资、抵押品、合并、资产出售和与关联方交易的限制，以及此类融资中常见的违约事件。截至2026年8月29日，公司遵守了信贷协议下的财务约定。

循环信贷额度下的借款将按照公司选择的以下选项之一按年利率计息：(a) 适用利率期间的期限担保隔夜融资率（“SOFR”），加上适用利率期间的SOFR调整，加上1.25%；(b) 基准利率加上0.25% 或 (c) 欧元的每日简单无风险利率（“RFR”），加上RFR调整，加上1.25%。根据信用证子额度签发的信用证将收取每年1.25% 的信用证费用。信用额度未使用部分的费用为0.10%。截至2026年8月29日，没有未到期的信用证。

5. 租赁义务

公司在正常业务过程中通过各种经营租赁租赁房地产和个人财产。公司使用经营租赁来租赁办公场所和汽车。大部分租赁办公场所用于销售和一般办公用途。汽车租赁在公司内部广泛使用。一些租赁合同包含期限不同的续租条款，可能不包括具体的租金续租金额。公司在发生重新计量事件时将重新评估使用权资产和相关租赁负债的价值。

截至2026年8月29日和2026年5月30日与经营租赁相关的资产和负债的总金额如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
租赁类型		2026年8月29日			2026年5月30日
使用权租赁资产，净额		$	3,520			$	1,389
租赁负债（流动）			1,049				787
租赁负债（非流动）			2,471				602

租赁费用的组成部分如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
				截至
				2026年8月29日			2025年8月30日
合并经营租赁费用		销售、一般及行政费用		$	435			$	399

截至2026年8月29日，经营租赁下的预计未来最低租赁付款额如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
财年		经营租赁
剩余2027年		$	944
2028			955
2029			739
2030			532
2031			519
之后			95
总租赁付款额			3,784
减：隐含利息			264
净最低租赁付款额		$	3,520

截至2026年8月29日和2025年8月30日，公司持有的租赁的加权平均剩余租赁期限和利率如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
截至：		加权平均剩余租赁期限（年）		加权平均利率
2026年8月29日		4.0		5.2%
2025年8月30日		2.2		5.3%

截至2026年8月29日和2025年8月30日的三个月期间，与我们的租赁相关的现金流量如下（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
				截至
现金流量来源		分类		2026年8月29日			2025年8月30日

经营租赁的经营性现金流量		经营活动		$	348			$	333

6. 所得税

我们为截至2027财年前三个月和2026财年前三个月分别记录了1.0百万美元和0.4百万美元的所得税拨备。在2027财年前三个月，有效所得税税率为19.6%，而2026财年前三个月的有效所得税税率为18.1%。与2026财年前三个月相比，2027财年前三个月税率的差异反映了我们收入（亏损）地域分布的变化。19.6%的有效所得税税率与联邦法定税率21%不同，这是由于我们收入（亏损）的地域分布以及永久性项目的影响。

在正常业务过程中，我们受到全球税务当局的审查。根据美国联邦和州法律的诉讼时效，2016财年之前的年份已关闭审查。在2025财年第三季度，我们收到了伊利诺伊州关于2021年6月至2023年5月期间的所得税审计通知。公司已申请延期至2027年3月，并正在等待伊利诺伊州办公室的进一步行动。我们在美国没有其他当前的审计。

在荷兰，2021财年之前的年份已关闭以供审查。我们在德国的2019至2022财年受到审查。审计于2027财年第一季度结束，未对公司的合并财务报表和披露产生重大影响。

我们过去一直认为，我们海外子公司的未分配收益，只要现金可用，就会回流至美国。对外部基础差异的递延税负债现在主要是对未来股息分配的预提税。截至2026年8月29日和2026年5月30日，我们海外子公司的未分配收益没有递延税负债。

截至2026年8月29日和2026年5月30日，公司记录了0.4百万美元的不确定税务地位。我们将在合并综合收益表的所得税费用项目中记录与不确定税务地位相关的利息。应计利息包含在合并资产负债表的相关税务负债项目中。截至2026年8月29日和2026年5月30日，我们记录了少于0.1百万美元的利息负债。

公司保留了估值准备金，代表管理层认为不太可能实现的递延税资产部分。截至2026年8月29日，估值准备金为2.7百万美元，截至2026年5月30日为2.8百万美元。估值准备金涉及州净经营亏损（1.2百万美元）以及在历史上已发生应税亏损的海外司法管辖区的递延税资产（1.5百万美元）。然而，如果在结转期间对未来应税收入的估计增加，或者如果以累计亏损形式出现的客观负面证据不再存在，并且可以给予我们的增长预测等主观证据更多权重，则递延税资产的可实现金额可能会进行调整。

我们考虑了《一大美丽法案》对公司2027财年年度有效税率的影响。这包括净受控外国公司测试收入（“NCTI”）（以前称为全球无形低税收入），取消合格业务资产投资（“QBAI”）排除，并将第250条扣除额设定为40%，扩大了美国税基。来源于国外的无形收入变为来源于国外的扣除资格收入，扣除额为33.34%，但适用范围更窄，且没有QBAI减少。NCTI的外国税抵免折扣从20%降至10%，允许90%的抵免额并提高利用率。这些变化对年度有效税率没有重大影响。

7. 每股收益

我们的B类普通股被视为参与性证券，需要使用两层方法来计算基本每股收益和稀释每股收益。每期的两层计算方法反映了每类股票的每股现金股息，加上根据每类股票的分红权计算的每股未分配收益金额，该金额使用参与百分比进行计算。基本每股收益和稀释每股收益均使用两层方法计算。由于B类普通股可以按一股换一股的方式转换为普通股，并且根据预定公式与普通股共同参与分红，因此B类普通股被视为参与性可转换证券，其分红权为90%的A类普通股现金股息。

未分配收益（损失）在普通股和B类普通股之间的分配是基于各自股票类别的加权平均股数与普通股和90%的B类普通股加权平均股数总和之间的关系。对B类普通股已发行股数的调整反映了B类普通股股息限制为普通股股息的90%。

我们在未经审计的2027财年第一季度和2026财年第一季度综合全面收益表中呈现的每股收益（\"EPS\"）是基于以下金额（以千为单位，每股金额除外）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至
		2026年8月29日			2025年8月30日
		基本			稀释			基本			稀释
基本和稀释每股收益的分子：
净利润		$	4,059			$	4,059			$	1,909			$	1,909
减去股息：
普通股			770				770				746				746
B类普通股			110				110				111				111
未分配收益		$	3,179			$	3,179			$	1,052			$	1,052

普通股未分配收益		$	2,777			$	2,787			$	916			$	917
B类普通股未分配收益			402				392				136				135
总未分配收益		$	3,179			$	3,179			$	1,052			$	1,052

基本和稀释每股收益的分母：
普通股加权平均股数			12,666				12,666				12,393				12,393
稀释性证券的影响
稀释性股票期权						358							151
考虑加权平均股数和假设转换后的稀释每股收益的分母调整						13,024							12,544
考虑稀释每股收益的B类普通股加权平均股数和假设转换方法下的股数			2,036				2,036				2,049				2,049

每股净利润：
普通股		$	0.28			$	0.27			$	0.13			$	0.13
B类普通股		$	0.25			$	0.25			$	0.12			$	0.12

注：在2027财年第一季度和2026财年第一季度的稀释每股收益中，没有反稀释的普通股期权未被包括在内。

8. 分部信息

公司根据以下定义的三个运营和报告分部向其首席运营决策者（\"CODM\"）报告其财务业绩：

电源与微波技术（\"PMT\"）包括电源网络和微波管业务以及射频、无线和电源技术。PMT提供设计支持、系统集成、原型设计和制造、测试、物流以及售后技术支持和维修服务。PMT还根据独家供应协议，为其客户提供微波和工业设备的技术服务以及CT管的持续销售。

绿色能源解决方案（\"GES\"）为能源存储市场和电源管理应用设计和制造产品。我们提供设计支持、系统集成、原型设计和制造、测试、物流以及售后技术支持和维修服务。

Canvys为公司企业、金融、医疗、工业和医疗原始设备制造商市场提供定制的显示解决方案。显示解决方案包括触摸屏、保护面板、定制机箱、一体式电脑、专用机柜涂层以及特定应用的软件包和认证服务。

CODM 是 Edward J. Richardson（董事长、首席执行官兼总裁）。CODM 通过将各业务部门的毛利与当前预测和去年同期进行比较，来分析和评估各业务部门的财务表现。CODM 对各业务部门财务表现的评估用于讨论和执行决策，以分配资源来管理各业务部门及整个公司的增长和盈利能力。存货，净额是 CODM 分析和审查的唯一业务部门资产指标。

按业务部门划分的经营成果，截至 2026 年 8 月 29 日和 2025 年 8 月 30 日的三个月情况如下表所示（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 8 月 29 日的三个月
		PMT			GES			Canvys			总计
净销售额		$	46,765			$	9,231			$	8,927			$	64,923
销售成本			30,227				6,221				5,983				42,431
毛利			16,538				3,010				2,944				22,492

销售、一般及行政费用												17,377
运营收入												5,115
利息收入												121
外汇损失												(188	)
其他，净额												(1	)
税前收入											$	5,047


		截至 2025 年 8 月 30 日的三个月
		PMT			GES			Canvys			总计
净销售额		$	39,069			$	7,263			$	8,275			$	54,607
销售成本			26,843				5,113				5,722				37,678
毛利			12,226				2,150				2,553				16,929

销售、一般及行政费用												15,961
运营收入												968
利息收入												169
外汇收益												289
其他，净额												904
税前收入											$	2,330

业务部门资产，包括存货，净额，如下表所示（以千为单位）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026 年 8 月 29 日			2026 年 5 月 30 日
PMT		$	82,026			$	82,253
GES			13,654				13,174
Canvys			7,600				7,593
总计		$	103,280			$	103,020

业务部门资产与合并资产负债表的调节情况如下表所示（以千为单位）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026 年 8 月 29 日			2026 年 5 月 30 日
总业务部门资产		$	103,280			$	103,020
现金及现金等价物			36,915				31,779
应收账款			34,939				33,162
预付费用和其他资产			4,441				4,770
净额的固定资产			19,806				19,003
净额的无形资产			270				285
使用权租赁资产，净额			3,520				1,389
递延所得税资产			8,300				8,346
其他非流动资产			223				263
总资产		$	211,694			$	202,017

9. 风险和不确定性

我们的业务以及我们开展业务的公司会受到我们无法控制的因素引起的风险和不确定性的影响。这些因素包括与通货膨胀相关的经济压力、利率上升、经济疲软或衰退，以及地缘政治冲突和公共卫生问题、原材料成本上升、劳动力市场紧缩以及大流行病。这些以及其他类似的情况和事件过去曾且可能在未来扰乱我们的运营，并可能对我们的业务、经营成果、现金流量和财务状况产生重大不利影响。

第2项。\t管理层讨论与分析财务状况和经营成果

本报告中的某些陈述可能构成《1995年私人证券诉讼改革法案》中定义的“前瞻性声明”。术语“可能”、“应该”、“可以”、“预期”、“相信”、“继续”、“估计”、“期望”、“打算”、“目标”、“计划”、“潜在”、“预测”以及类似表述旨在识别前瞻性声明。这些声明并非对未来表现的保证，且涉及难以预测的风险、不确定性和假设。这些声明基于管理层当前的预期、意图或信念，并受制于可能使实际结果与前瞻性声明中描述的结果大相径庭的若干因素、假设和不确定性。可能导致或促成此类差异的因素或可能影响业务的其他因素包括：经济、劳动力和政治状况；欧洲和中东武装冲突导致的全球业务中断；货币汇率波动；以及公司管理其增长的能力，以及我们在2026年8月3日向美国证券交易委员会提交的年度报告10-K表中列出的风险因素。我们不承担更新任何此类因素或公开宣布本文件中任何前瞻性声明的任何修订结果的义务，无论是否由于新信息、未来事件或其他原因。

此外，虽然我们有时会与证券分析师进行沟通，但根据我们的政策，我们不会向他们或任何外部第三方披露任何重大非公开信息或其他保密的商业信息。因此，股东不应假设我们同意任何证券分析师或外部第三方发布的任何声明或报告，无论该声明或报告的内容如何。因此，证券分析师发布的报告中包含任何预测、预测或意见的，此类报告均不是我们的责任。

引言

管理层讨论与分析财务状况和经营成果（“MD&A”）旨在帮助读者更好地了解我们的业务、经营成果、财务状况、财务状况的变化和重大发展。MD&A是对我们合并财务报表及本文件中其他地方出现的附注的补充，应与之一起阅读。本部分的结构如下：

•

业务概览

•

运营结果 – 对我们截至2026年8月29日和2025年8月30日三个月的合并运营结果的分析和比较，反映在我们的未审计合并综合损益表中。

•

流动性、财务状况和资本资源 – 讨论我们截至2026年8月29日和2025年8月30日三个月的主要现金来源和用途，以及财务状况的变化。

业务概览

Richardson Electronics, Ltd.（“公司”、“我们”、“我们的”）是工程解决方案、绿色能源产品、电力网络和微波管及相关消耗品的全球领先制造商；包括绿色能源解决方案在内的电源转换和射频及微波组件；用于诊断成像设备的管子；以及定制显示解决方案。我们超过55%的产品在伊利诺伊州LaFox、马萨诸塞州Marlborough或德国Donaueschingen生产，或由我们遍布全球的制造合作伙伴生产。我们所有合作伙伴都按照我们的严格规格和供应商行为准则进行生产。我们服务于替代能源、医疗、航空、广播、通信、工业、海洋、医疗、军事、科学和半导体市场。公司的战略是基于我们的核心工程和制造能力，提供专业技术和“工程解决方案”。公司通过其全球基础设施提供解决方案，并通过设计支持、系统集成、原型设计和制造、测试、物流以及售后技术支持和维修来增加价值。

公司的一些产品在外国生产并进口到美国。因此，公司的运营受到关税和其他贸易保护措施的影响。目前的美国政府已实施某些变化，可能会进一步改变贸易政策，包括谈判或终止贸易协议、对进口到美国的商品征收更高关税，以及影响公司从美国进口商品的其他国家之间的贸易的其他措施。由于这些措施，一些国家正在改变与从美国进口商品相关的贸易政策。这些全球贸易中断和地缘政治紧张局势，以及任何相关的全球经济衰退，可能会抑制客户需求，增加市场波动，并影响汇率，所有这些都可能对公司的财务表现产生重大不利影响。

这些贸易政策变化对我们业务的影响程度将取决于各种因素，包括（i）贸易措施实施的时间，（ii）关税和其他贸易措施的最终金额、范围、性质和持续时间，以及（iii）公司能够减轻影响并转嫁与这些变化相关的任何增加成本的程度。此外，贸易中断对整体经济状况和电子元件需求的影响难以预测。

我们2027财年前三个月的业绩未受到美国实施的贸易政策变化的重大影响。然而，可能还会对我们的产品进口征收更多关税，包括其他国家可能征收的关税，或者我们的业务可能受到国家间贸易关系变化的影响。管理层继续与供应商和客户合作，以减轻关税对客户市场的影响，包括处理关税退税申请。然而，如果公司无法成功将这些关税的额外成本转嫁给客户，或者如果更高的价格会减少对公司产品的需求，这将对公司的销售额和毛利产生负面影响。

公司根据以下定义的运营和报告业务部门报告其财务业绩：

电源与微波技术（“PMT”）将我们的核心工程解决方案能力、电源网络和微波管业务与新的颠覆性射频、无线和电源技术相结合。作为设计师、制造商、技术合作伙伴和授权经销商，PMT的战略是基于我们的核心工程和制造能力，在全球范围内提供专业技术和工程解决方案。我们通过现有的全球基础设施提供设计支持、系统集成、原型设计和制造、测试、物流以及售后技术支持和维修等解决方案和增值服务。PMT专注于为5G、航空、广播、通信、工业、海洋、医疗、军事、科学和半导体市场的客户提供电源、射频和微波产品。PMT专注于各种应用，包括广播传输、CO2激光切割、诊断成像、介电和感应加热、高能传输、高压开关、等离子体、电源转换、雷达和放射肿瘤学。PMT还为其客户提供微波和工业设备的技术服务。

Green Energy Solutions (\"GES\") combines our key technology partners and engineered solutions capabilities to design and manufacture innovative products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair - all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and Electric Vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing.

Canvys provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets. Our engineers design, manufacture, source and support a full spectrum of solutions to match the needs of our customers. We offer long-term availability and proven custom display solutions that include touch screens, protective panels, custom enclosures, All-In-One computers, specialized cabinet finishes and application specific software packages and certification services. Our volume commitments are lower than the large display manufacturers, making us the ideal choice for companies with very specific design requirements. We partner with both private label manufacturing companies and leading branded hardware vendors to offer the highest quality display and touch solutions and customized computing platforms.

We currently operate within the following major geographic regions: North America, Asia/Pacific, Europe and Latin America.

RESULTS OF OPERATIONS

Financial Summary – Three Months Ended August 29, 2026

•

The first quarter of fiscal 2027 and fiscal 2026 both contained 13 weeks.

•

Net sales during the first quarter of fiscal 2027 were $64.9 million, an increase of 18.9%, compared to net sales of $54.6 million during the first quarter of fiscal 2026.

•

Gross margin increased to 34.6% during the first quarter of fiscal 2027 compared to 31.0% during the first quarter of fiscal 2026.

•

Selling, general and administrative expenses were $17.4 million or 26.8% of net sales during the first quarter of fiscal 2027 compared to $16.0 million or 29.2% of net sales during the first quarter of fiscal 2026.

•

Operating income during the first quarter of fiscal 2027 was $5.1 million compared to $1.0 million during the first quarter of fiscal 2026.

•

Net income during the first quarter of fiscal 2027 was $4.1 million compared to $1.9 million during the first quarter of fiscal 2026.

Net Sales and Gross Profit Analysis

Net sales by segment and percentage change during the first quarter of fiscal 2027 and fiscal 2026 were as follows (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended			FY27 vs. FY26
		August 29, 2026			August 30, 2025			% Change
PMT		$	46,765			$	39,069				19.7	%
GES			9,231				7,263				27.1	%
Canvys			8,927				8,275				7.9	%
Total		$	64,923			$	54,607				18.9	%

During the first quarter of fiscal 2027, consolidated net sales increased 18.9% compared to the first quarter of fiscal 2026. Sales for PMT increased 19.7%, sales for GES increased 27.1% and sales for Canvys increased 7.9%. The increase in PMT was due to strong growth from our customers in the semiconductor wafer fab industry and continued growth in our RF & Wireless components business. The increase in GES was due to our growing portfolio of wind turbine power management products, initial BESS shipments, and products used in the making of synthetic diamonds. The increase in Canvys was attributable to higher sales in the North American markets.

Gross profit by segment and percentage of net sales for the first quarter of fiscal 2027 and fiscal 2026 were as follows (in thousands):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended
		August 29, 2026			% of Net Sales			August 30, 2025			% of Net Sales
PMT		$	16,538				35.4	%		$	12,226				31.3	%
GES			3,010				32.6	%			2,150				29.6	%
Canvys			2,944				33.0	%			2,553				30.9	%
Total		$	22,492				34.6	%		$	16,929				31.0	%

Gross profit reflects the distribution and manufacturing product margin less manufacturing variances, inventory obsolescence charges, customer returns, scrap and cycle count adjustments, engineering costs and other provisions.

Consolidated gross profit increased to $22.5 million during the first quarter of fiscal 2027 compared to $16.9 million during the first quarter of fiscal 2026. Consolidated gross margin as a percentage of net sales during the first quarter of fiscal 2027 increased to 34.6% when compared to 31.0% during the first quarter of fiscal 2026. In the first quarter of fiscal 2027, gross margin was impacted 1.7% due to an IEEPA Tariff Refund. Additionally, the margin increase was due to favorable product mix in PMT and GES.

Power and Microwave Technologies

PMT net sales increased 19.7% to $46.8 million during the first quarter of fiscal 2027 from $39.1 million during the first quarter of fiscal 2026. The increase was due to strong growth from our customers in the semiconductor wafer fab industry and continued growth in our RF & Wireless components business mainly in the SATCOM and defense market. Gross margin as a percentage of net sales increased to 35.4% during the first quarter of fiscal 2027 as compared to 31.3% during the first quarter of fiscal 2026 due to product mix and the IEEPA Tariff Refund.

Green Energy Solutions

GES net sales increased 27.1% to $9.2 million during the first quarter of fiscal 2027 from $7.2 million during the first quarter of fiscal 2026. The increase was due to our growing portfolio of wind turbine power management products, initial BESS shipments, and products used in the making of synthetic diamonds. Gross margin as a percentage of net sales increased to 32.6% during the first quarter of fiscal 2027 as compared to 29.6% during the first quarter of fiscal 2026 due to product mix.

Canvys

Canvys net sales increased 7.9% to $8.9 million during the first quarter of fiscal 2027 from $8.3 million during the first quarter of fiscal 2026, primarily due to higher sales in the North American markets. Gross margin as a percentage of net sales increased to 33.0% during the first quarter of fiscal 2027 from 30.9% during the first quarter of fiscal 2026 primarily due to the IEEPA Tariff Refund.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) increased to $17.4 million for the first quarter of fiscal 2027 when compared to $16.0 million for the first quarter of fiscal 2026, mainly due to increased salaries, medical benefits, travel, and higher incentives due to sales growth. Expressed as a percentage of net sales, SG&A was 26.8% for the first quarter of fiscal 2027 compared to 29.2% in the first quarter of fiscal 2026.

Other Income/Expense

Other income and expense primarily includes interest income, foreign exchange gains and foreign exchange losses. Our foreign exchange gains and losses are primarily due to the translation of U.S. dollars held in non-U.S. entities. We currently do not utilize derivative instruments to manage our exposure to foreign currency.

Other expense during the first quarter of fiscal 2027 totaled $0.1 million compared to other income of $1.4 million for first quarter of fiscal 2026. The income in fiscal 2026 was mainly due to a non-recurring gain of $0.9 million.

Income Tax Provision

We recorded an income tax provision of $1.0 million and $0.4 million for the first three months of fiscal 2027 and the first three months of fiscal 2026, respectively. The effective income tax rate during the first three months of fiscal 2027 was a tax provision of 19.6% as compared to a tax provision of 18.1% during the first three months of fiscal 2026. The difference in rate during the first three months of fiscal 2027 as compared to the first three months of fiscal 2026 reflects changes in our geographical distribution of income (loss). The 19.6% effective income tax rate differs from the federal statutory rate of 21% as a result of our geographical distribution of income (loss) and the impact of permanent items.

The Company recorded a $0.4 million uncertain tax position as of August 29, 2026 and as of May 30, 2026. We record interest related to uncertain tax positions in the income tax expense line item within the Consolidated Statements of Comprehensive Income. Accrued interest was included within the related tax liability line in the Consolidated Balance Sheets. We have recorded a liability of less than $0.1 million for interest as of August 29, 2026 and May 30, 2026.

The Company maintains a valuation allowance representing the portion of the deferred tax asset that management does not believe is more likely than not to be realized. The valuation allowance was $2.7 million as of August 29, 2026 and $2.8 million as of May 30, 2026. The valuation allowance relates to state Net Operating Losses ($1.2 million) and deferred tax assets in foreign jurisdictions where historical taxable losses have been incurred ($1.5 million). The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.

We have considered the impact of the One Big Beautiful Bill Act on the Company’s annual effective tax rate for fiscal year 2027. This includes Net Controlled Foreign Corporation Tested Income (\"NCTI\") (formerly Global Intangible Low-Taxed Income),

eliminates the Qualified Business Asset Investment (\"QBAI\") exclusion, and sets the Section 250 deduction at 40%, broadening the U.S. tax base. Foreign-Derived Intangible Income becomes Foreign Derived Deduction Eligible Income, with a 33.34% deduction and narrower eligibility but no QBAI reduction. The NCTI foreign tax credit haircut decreases from 20% to 10%, allowing for a 90% credit and improving utilization. These changes did not have a significant impact to the annual effective tax rate.

Net Income and Per Share Data

Net income during the first quarter of fiscal 2027 was $4.1 million, or $0.27 per diluted common share and $0.25 per Class B diluted common share as compared to $1.9 million during the first quarter of fiscal 2026 or $0.13 per diluted common share and $0.12 per Class B diluted common share.

LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES

Our operations and cash needs have been primarily financed through operations and cash on hand.

Cash and cash equivalents were $36.9 million at August 29, 2026. Cash and cash equivalents by geographic area on August 29, 2026 consisted of $18.2 million in North America, $10.4 million in Europe, $1.2 million in Latin America and $7.1 million in Asia/Pacific. We repatriated $1.0 million to the United States in the first three months of fiscal 2027 from our entity in China. Although the Tax Cuts and Jobs Act generally eliminated federal income tax on future cash repatriation to the United States, cash repatriation may be subject to state and local taxes, withholding or similar taxes.

Cash and cash equivalents were $31.8 million at May 30, 2026. Cash and cash equivalents by geographic area at May 30, 2026 consisted of $11.7 million in North America, $11.4 million in Europe, $1.0 million in Latin America and $7.7 million in Asia/Pacific. No cash was repatriated to the United States in fiscal 2026.

Our short-term and long-term liquidity requirements primarily arise from: (i) working capital requirements, (ii) capital expenditure needs and (iii) cash dividend payments (if and when declared by our Board of Directors). Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control.

Based on past performance and current expectations, we believe that the existing sources of liquidity, including current cash, will provide sufficient resources to meet known capital requirements and working capital needs through the next twelve months. Additionally, while our future capital requirements will depend on many factors, including, but not limited to, the economy and the outlook for growth in our markets, we believe our existing sources of liquidity as well as our ability to generate operating cash flows will satisfy our future obligations and cash requirements.

On October 7, 2025, the Company executed a three-year extension to the PNC Credit Agreement through the Second Amendment to the Credit Agreement with a maximum borrowing limit of $20 million. The terms of the new agreement are similar to the previous Credit Agreement. See Note 4, Revolving Credit Facility, included in Part I, Item 1 for further information. The Revolving Credit Facility is guaranteed by the Company's domestic subsidiaries. Proceeds of the borrowings under the Revolving Credit Facility, if any, are expected to be used for working capital and general corporate purposes of the Company and its subsidiaries. There were no drawings or repayments under the Revolving Credit Facility as of August 29, 2026 and through the report release date. No amounts were outstanding under the Revolving Credit Facility as of August 29, 2026, and through the report release date.

Cash Flows from Operating Activities

Cash flows from operating activities are primarily a result of our net income adjusted for non-cash items and changes in our operating assets and liabilities.

Operating activities generated $5.9 million of cash during the first three months of fiscal 2027. We had a net income of $4.1 million during the first three months of fiscal 2027, which included non-cash share-based compensation expense of $0.7 million associated with the issuance of stock option and restricted stock awards, inventory reserve provisions of $0.1 million, unrealized foreign exchange gain of $0.1 million, and depreciation and amortization expense of $0.9 million associated with our property, plant and equipment and intangible assets. Changes in our operating assets and liabilities generated $0.2 million in cash during the first three months of fiscal 2027, net of foreign currency exchange gains and losses, included an increase in accounts receivable of $1.7 million, an increase in inventories of $0.6 million, a decrease in prepaid expenses and other assets of $0.4 million and an increase in accounts payable and accrued liabilities of $2.0 million. The increase in accounts receivable was primarily due to the higher level of sales. The change in accounts payable and accrued liabilities was timing related.

Operating activities generated $1.4 million of cash during the first three months of fiscal 2026. We had a net income of $1.9 million during the first three months of fiscal 2026, which included non-cash share-based compensation expense of $0.6 million associated with the issuance of stock option and restricted stock awards, inventory reserve provisions of $0.1 million, unrealized foreign exchange gain of $0.5 million, depreciation and amortization expense of $1.0 million associated with our property, plant and equipment and intangible assets. Changes in our operating assets and liabilities utilized $1.8 million in cash during the first three months of fiscal 2026, net of foreign currency exchange gains and losses, included an increase in accounts receivable of $2.7 million, an increase in inventories of $0.6 million and an increase in accounts payable and accrued liabilities of $1.5 million. The increase in accounts receivable was primarily due to the higher level of sales. The change in accounts payable and accrued liabilities was timing related.

Cash Flows from Investing Activities

Cash used in investing activities of $1.7 million during the first three months of fiscal 2027 was due to capital expenditures. Capital expenditures were primarily related to our IT system and LaFox manufacturing and facilities. LaFox manufacturing primarily supports the PMT and GES segments.

Cash used in investing activities of $1.0 million during the first three months of fiscal 2026 was due to capital expenditures. Capital expenditures were primarily related to our IT system and LaFox manufacturing and facilities.

Cash Flows from Financing Activities

Cash flows used in financing activities consist primarily of cash dividends and cash flows provided by financing activities consist primarily of the proceeds from the issuance of stock. All future dividend payments are at the discretion of the Board of Directors. Dividend payments depend on earnings, capital requirements, operating conditions and such other factors that the Board may deem relevant.

Cash provided by financing activities of $1.0 million during the first three months of fiscal 2027 primarily resulted from $2.1 million proceeds from the issuance of stock minus the $0.9 million of dividend payments to stockholders.

Cash used in financing activities of $0.9 million during the first three months of fiscal 2026 primarily resulted from $0.9 million of dividend payments to stockholders partially offset by $0.1 million of proceeds from the issuance of stock.

Critical Accounting Estimates

The preparation of financial statements in conformity with United States Generally Accepted Accounting Principles (\"GAAP”) and pursuant to the rules and regulations of the SEC, we make assumptions, judgments and estimates that affect the reported amounts of assets, liabilities, revenue and expenses and the related disclosures of contingent assets and liabilities. Our assumptions, judgments and estimates are based on historical experience and various other factors deemed relevant. Actual results could be materially different from those estimates under different assumptions or conditions. We evaluate our assumptions, judgments and estimates on a regular basis. We also discuss our critical accounting estimates with the Audit Committee of the Board of Directors.

There have been no material changes in our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended May 30, 2026, filed with the SEC on August 3, 2026. We are not aware of any specific events or circumstances that would require us to update our estimates, assumptions and judgments.

Impact of New Accounting Standards

Information about recently issued accounting pronouncements is provided in Note 3, Summary of Accounting Policies, included in Part I, Item 1.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Risk Management and Market Sensitive Financial Instruments

We are exposed to many different market risks with the various industries we serve. The primary financial risk we are exposed to is foreign currency exchange, as certain of our operations, assets and liabilities are denominated in foreign currencies. We manage these risks through normal operating and financing activities.

The interpretation and analysis of these disclosures should not be considered in isolation since such variances in exchange rates would likely influence other economic factors. Such factors, which are not readily quantifiable, would likely also affect our operations. Additional disclosure regarding various market risks is set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended May 30, 2026 filed with the SEC on August 3, 2026.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Management of the Company, with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of August 29, 2026.

Disclosure controls and procedures are intended to provide reasonable assurance that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

(b) Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended August 29, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended May 30, 2026, filed with the SEC on August 3, 2026.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

a) Form 8-K disclosures for the quarter covered by this Form 10-Q:

Submission of Matters to Vote of Security Holders

We held our annual meeting of stockholders on October 6, 2026. At the annual meeting, our stockholders (i) elected each of the nominees listed below to the Company’s Board of Directors to serve for a term expiring at the 2027 Annual Meeting; (ii) ratified the selection of BDO USA, P.C. as our independent registered public accounting firm for fiscal 2027; and (iii) approved, on an advisory basis, the compensation of the Company’s named executive officers.

The results for the votes regarding each proposal are set forth below:

1. The voting results with respect to the election of each director were as follows

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Nominee		For			Against/Withhold			Broker Non-Votes
Edward J. Richardson			25,312,752				3,179,793				1,376,226
Wendy S. Diddell			28,205,838				286,707				1,376,226
Jacques Belin			25,209,383				3,283,162				1,376,226
James Benham			25,160,605				3,331,940				1,376,226
Kenneth Halverson			25,177,923				3,314,622				1,376,226
Robert H. Kluge			26,208,736				2,283,809				1,376,226
Paul J. Plante			23,868,965				4,623,580				1,376,226

2. The voting results with respect to the ratification of the selection of BDO USA, P.C. as our independent registered public accounting firm for fiscal 2027 was approved with 29,839,871 votes “FOR”, 27,868 votes “AGAINST/WITHHOLD” and 1,032 votes “ABSTAIN”.

3. The voting results with respect to the approval, on an advisory basis, the compensation of our Named Executive Officers was approved with 28,074,571 votes “FOR”, 362,317 votes “AGAINST/WITHHOLD” and 55,657 votes “ABSTAIN\" and 1,376,226 broker non-votes.

b) Not applicable.

c) 10b5-1 trading arrangements:

None.

ITEM 6. EXHIBITS

Exhibit Index

\n	\n	\n
Exhibit Number		Description

3.1		Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Annex III of the Definitive Proxy Statement on Schedule 14A dated August 25, 2025).

10.1		Second Amendment to the Credit Agreement, dated as of October 7, 2025, among the Company, the Guarantors party thereto, the Lenders party thereto and PNC Bank NA, as Administrative Agent, Swingline Lender and Issuing Lender thereunder (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on October 9, 2025).
31.1		Certification of Edward J. Richardson pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Robert J. Ben pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal 2027, filed with the SEC on October 8, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Comprehensive Income, (iii) the Unaudited Consolidated Statements of Cash Flows, (iv) the Unaudited Consolidated Statements of Stockholders’ Equity and (v) Notes to Unaudited Consolidated Financial Statements.

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
	RICHARDSON ELECTRONICS, LTD.

Date: October 8, 2026	By:	/s/ Robert J. Ben
		Robert J. Ben Chief Financial Officer and Chief Accounting Officer (on behalf of the Registrant and as Principal Financial Officer)

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